Manager Strategy

A 2024 PJT report expects private credit secondaries volume to hit $10bn this year.

Mid-Market Secondaries III, the successor to co-investment and secondaries-focused vehicle Select Opportunities Fund II, reached its target.

The firm thinks it can help clients seeking to balance portfolios and manage liquidity due to lower exit volumes, chief executive Christian Sinding said on its earnings call.

The treatment of co-investments in continuation vehicles could provide guidance on how things may play out when PE-backed portfolio companies with a broad-based employee stock ownership plan are rolled into a CV.

The change in name comes three years after the private equity giant acquired a 60% stake in the secondaries specialist.

The position will add to the firm's existing four-person data science team to help build the next generation of data-driven private equity investment tools.

As secondaries activity accelerates, more traditional buyout shops are exploring adding these capabilities.

Large-cap contemporaries including Apollo Global Management and Leonard Green & Partners have launched or are launching buyside businesses focusing on the strategy.

Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.

'Valuations have returned to a steady state, but GPs are facing more significant DPI challenges than ever,' W Capital Partners' David Wachter tells Secondaries Investor.